Regulatory Agreement. A legally binding agreement, in a form approved by the City Attorney, shall be executed and recorded against the property to ensure that the property complies with all of the requirements of this article, including, but not limited to, the requirement that affordable units shall be deedrestricted for a period of not less than 55 years. The property owner shall record the regulatory agreement prior to recording any final map for the underlying property, or prior to the issuance of any building permit for the project, whichever comes first. The regulatory agreement shall be binding on all future owners and successors of interests of the project. The City Manager is authorized to execute the regulatory agreement, and any related document(s), on behalf of the City Council for projects approved pursuant to this article.